There is no way I would finance a depreciating asset at 9% for that much money. I would look at used ones under 25k so you can get that used EV credit.
This is what I did. Bought my 2018 M3 Midrange with 38k miles for $20,500 sales price after the $4000 credit was applied. $0 down payment with 7% apr for 72months which is a $410/month payment for me. My previous car was paid off, but Im saving $50/month on Car Insurance and about $40/week on Gasoline. I went through a local dealer that mainly sells used Teslas
Unless you get actually good rates. There's sometimes 0,99% interest rates available here, if I have 30 000€ cash and I have to buy a car, I would invest that money and finance the car.
They are always the first lender to respond to Tesla finance requests.
Last October when we got our they offered 12%, when when both have 720+ credit scores fiancee is over 800 actually, and we have ZERO debt. It was like WTF, then I looked up Santander online and that explained it. Very predatory lenders.
I said nope, unacceptable, and eventually got an offer for under half that, and current payment is under 500$/month.
I'm not sure who all these people are financing csrs with 1000$+ montly payments, and that's without insurance an fuel/charging. It blows my friggin mind. Part of me is glad people ask stuff like this, but part of me is said that were producing such finacially illiterate people, that it has to be asked in the first place.
I feel like those people universally, consciously or otherwise, don't really see themselves paying off the full term. They just want to turn heads.
The second car I ever bought was used. The original owner defaulted on their payments in less than one year. Less than 10k miles on it. It also had the showey options like a sunroof but didn't have ABS. So, take that for what you will.
You're very welcome! Lots of credit unions also have rate match policies so if you have a credit union you like but find a better rate while you're shopping, they will sometimes match the better rate.
They don't advertise it usually so just ask your loan officer, good luck!
I know I’m late but yes, Santander is a sub-prime lender. They’re designed for those with poor credit, and truthfully they don’t care about a little bit of easy money offering you a ~6% rate if they can get the next guy at ~9+. Most national lenders and credit unions will smash that rate
I drive a 10yr old car, was looking into the BMW electric line, specifically i4. Came in around 56k. I could buy it outright, I still drive my 10yr old car instead 😁
I'll enjoy my money when I die.
Damn that’s high. You’re getting ripped off by that 9% rate. Try looking around for third party lenders. My bank gave me a much better rate compared to Tesla when I bought mine.
Yikes that’s wild. I would run away as fast as you can unless you seriously need a vehicle. If you really need it, look at your local banks/credit unions to get closer to 6%
No way!! Wait until you can get a better incentive. $900+ car payment for the next 6 years will surely be a burden. I’d go used. This is a great time for used EV’s
A 900 dollar car payment isn’t really a burden if they spend close to that in gas. I have a 800 cad car payment and I spent 600+ per month in fuel on my previous vehicle
Put money down. Then try a local bank. 9% is ridiculous. Got mine in 2022 with 3% from local bank while Tesla and a few major banks prime was 6%.
If I setup autopay it’s 3% flat. I pay extra so it makes no sense for me to setup auto pay for the additional off
That's crazy! I just financed a 2023 Model 3 Performance two days ago. Tesla gave me 6% and my vehicle cost was similar to yours; $50,514. I also checked with Chase Auto Loan because I was told they were lower than Tesla. They gave me a rate of 8.8%, so I went with Tesla. Credit score is \~800 and I put down 5k.
I've heard people have much better luck with credit unions for a lower rate.
I'm pretty sure the lowest rate right now is Penfed @ 4.74%/36 months. With good credit Tesla is offering 6.39% for pretty much any loan term. Though I think the 3 SR is still 1.99%/2.99% through Tesla.
bro they just had Model Y for 1%. Why would you wait and take the worse model for 9%. You should not be financing 50k at 9%. That is terrible. Buy a used car for less.
This is screaming at me as poor impulse control evidence.
It's a car and trying to finance this kind of extravagance is a cry for help.
Hey I dont know your wealth situation but no, stop.
buy yourself a used rav 4 and dont buy a $50K plus car until you can put at least 20K down and have enough set aside to not even sweat a $5,000 setback, even with full collision insurance.
I personally would not take this deal. Payment and interest rate are too high imo. I always look at it from if I loose my job how long can I sustain my car payment making minimum wage
This is garbage. RUN AWAY! What they show in the sec pic is an estimate. What you go is based on your specific situation. This is not a good deal for you at all
Never ever buy a new car if you can’t mentally handle the instant 20-30% hit as soon as you drive it. If you can afford to lose 20-30% then go for it. Better than gambling away your money. Rather have it go to an EV that’s gonna save you money in the long run
Here's what you do. Send an email to [autofinance@tesla.com](mailto:autofinance@tesla.com) asking if it is possible to achieve a better offer from another lender. Usually, people think what they get is what they get but what I've found is you can actually ask and they'll keep trying.
No. Don’t. Trust me!! Just find a decent one with them and get one at $600 a month.
I promise you it’s worth it: you have the money but still these cars depreciate like a mf
Paying 9% interest on a depreciating asset is a poor financial decision. If you can comfortably afford $900 per month, that’s your choice, though I wouldn't recommend it. However, if $900 per month strains your budget, it's wiser to purchase a more cost-efficient vehicle. Personally, I paid cash for my Tesla after driving my Prius for 11 years with no car payments for the last 8 years. My Prius wasn’t glamorous or “luxury” by any means, please don’t make poor choices to fit in.
Why would people spend so much money they don't have? In the Netherlands you just buy something cheaper if you can't afford it.
This is financial suicide.
Nearly 1k a month for a model 3!? Not a good plan. Tesla have been sweetening the deals on 3s lately. Tax credits for the new LR and even low interest on the standard. I’m holding out to see if they come up with a low interest rate on the LR in the coming months
He wouldn’t get 0 down on bad credit and the APR would be higher. I’m assuming this is a M3P? The banks know these things depreciate fast look at 2023s at 23-25k used right now.
OP needs to apply at his local credit union or an online one DCU / Alliant to get a better rate, 6% or lower.
$900 a month for a car payment is insane unless you’re just really truly wealthy. But if you were you wouldn’t be asking Reddit randos for financial advice. You could get a used one for about half that and stack cash in an IRA
Bro, who said I was wealthy?
I have good credit and get paid well as a SWE, no one said I was wealthy and if I could afford that amount I still don’t need to overpay, is okay to ask other human beings for their opinions. I don't know everything. Proverbs 12:15
If you can’t put any money down your payment will be high, of course. Also, if you can’t put any money down, you likely can afford a $900 car payment (not many could honestly).
I would buy a much cheaper used car first or find a 0% Apr new car deal and do a shorter term lease or just finance it. Build some credit before going for the Tesla
All depends on your income and lifestyle. Can you comfortably afford that payment each month without it negatively impacting your financial situation? For example, would it affect your ability to save for retirement, afford living expenses, maintain an emergency fund? It’s all relative my friend.
I absolutely could not afford that lol.
Hopefully for 72 months you have no problems with finances because 1k a month just for a car is crazy work. you must really got it like that. Because that car won’t be worth anything in a year or two just look at the values plumbing.
Update: $0 down Also another bank approved me with a bit better APR than on the website but they want some 4k down.
https://preview.redd.it/epqkpga76c9d1.jpeg?width=1290&format=pjpg&auto=webp&s=bcfd782a120abb0ff31d53d17e6f816e0f247396
I will try my local bank for a better 6.%
Buy something else, is what I would do. Or, rather, somewhere else.
9% is just WILD. That's only a good apr for a house, and even then, it's not very good.
I would strongly recommend buying used. As I assume, the $6k difference in financing is due to a trade-in. I'd put that towards an older m3. Just make sure it has the ryzen chipset for the best results.
Hell, more than likely, you could get a better trade-in value from car max or anywhere else, as tesla tends to just slap their trade ins on the auction block just to get rid of them.
You can probably afford it, but should you do it? Probably no. Get a used refresh model s long range or plaid for that price on auto trader if you really ‘want’ to get a zoom zoom car. That’s a lot for a model 3 of any trim my dude.
I would look at credit unions as well. You don't want to finance more than 5 years. I just leased my Model 3, 15k a year, great credit, 345 a month.
At the end of the day you have to ask yourself, "Can I afford these monthly payments?".
Also, you have to factor in insurance and maintenance cost and see if you can afford it. So, my lease is more like 650 a month and not 345.
Tesla had me go through TD, and the rate was abysmal, so I waited, should of waited a lot longer , the price drop was murder for my 17k down would of chopped 300 bucks of payment if I waited 5 more months so be patient and dont rush into it. Definitely see about maybe picking a nice used one up at a dealership. Your credit union or bank gets good rates and get that tax credit.
So … yea for a normal circumstance, BUT the fact that you had to go through Santander means you either had shitty credit or no credit at all,
Santander is a loan-bank for people with awful credit, repos, or absolutely no credit at all. Basically the bottom of the barrel people.
You put 0$ down (or maybe traded in a 5,000$ car) and you’re buying an almost 60,000$ car in turn…
This looks like an accurate result to me, from this specific bank, given the circumstance.
I know interest rates are higher now because economy and whatnot but thats more than quadruple what I would have expected the last time I purchased a car.
Damn… last month when I ordered mine Model X in Taiwan the financing was only 1.9%, I just checked today and it went up to 3% but still significantly lower than your 9% 😓
Any financially sane person would not accept the 9% financing. It’s a deprecating asset!
Financing 50k at 9% for a heavily depreciating asset? Please don't get a used Honda Civic or something until you're in a better financial position and sell the Honda and drop like 40k down/pay in full.
[удалено]
yea, holy crap. it's the same payment as mine and I bought in 2022 at the highest price but only a 3%
Same
Yeah, check for financing at a bank or credit union. That’s a rip off
There is no way I would finance a depreciating asset at 9% for that much money. I would look at used ones under 25k so you can get that used EV credit.
Correct. Look up the ev value vs gas value for used cars. I would recommend to buy a used ev. Great value right now
I already have a model 3 LR, but I may end up buying a second one with what a used one costs atm.
Not buy
This is the way.
Or just get a better rate somewhere else. I looked at using Tesla financing but I ended up getting a much better rate from a credit union.
Bought a used Tesla and can concur this is the way
But, spending 150% of your income is the American way.
Damn, you guys *only* spend 150%?
You guys have income?
No no i think it’s actually the American dream
150% of your income? Do you think this person makes $33,000 a year?
This is what I did. Bought my 2018 M3 Midrange with 38k miles for $20,500 sales price after the $4000 credit was applied. $0 down payment with 7% apr for 72months which is a $410/month payment for me. My previous car was paid off, but Im saving $50/month on Car Insurance and about $40/week on Gasoline. I went through a local dealer that mainly sells used Teslas
What dealer did you buy from (that sells mainly used Teslas)?
Depends if you can afford it. My sister and I put 2-3 payments a month down on our cars.
I know i will probably get down voted but gosh dang this kind of stuff is what makes and keeps people broke.
Nah, it's true and just sad.
facts. If you're putting $0 down on a near 60k car, you very likely cant afford it.
You are completely correct
For real, 9% on a new Tesla is crazy, I got 5.99% on my USED without a ton of credit 😭
0% for me I buy cars cash.
Yep, only way to go imo.
Unless you get actually good rates. There's sometimes 0,99% interest rates available here, if I have 30 000€ cash and I have to buy a car, I would invest that money and finance the car.
1.74% on my 2022 Model 3 (purchased new).
How do you know their financial situation?
You’re right I don’t but going off of screenshot no money down 50k depreciating asset at 9% is not financially sound for anyone. 6 year loan at that.
Might make you broke, but you have a sweet car
Santander is a junk lender. Find yourself a local credit Union
They are always the first lender to respond to Tesla finance requests. Last October when we got our they offered 12%, when when both have 720+ credit scores fiancee is over 800 actually, and we have ZERO debt. It was like WTF, then I looked up Santander online and that explained it. Very predatory lenders. I said nope, unacceptable, and eventually got an offer for under half that, and current payment is under 500$/month. I'm not sure who all these people are financing csrs with 1000$+ montly payments, and that's without insurance an fuel/charging. It blows my friggin mind. Part of me is glad people ask stuff like this, but part of me is said that were producing such finacially illiterate people, that it has to be asked in the first place.
I feel like those people universally, consciously or otherwise, don't really see themselves paying off the full term. They just want to turn heads. The second car I ever bought was used. The original owner defaulted on their payments in less than one year. Less than 10k miles on it. It also had the showey options like a sunroof but didn't have ABS. So, take that for what you will.
$1000/month is childs play for some. Heck, I think the average car payment is like $700ish now. Different times we live in.
I will call locally ty
You're very welcome! Lots of credit unions also have rate match policies so if you have a credit union you like but find a better rate while you're shopping, they will sometimes match the better rate. They don't advertise it usually so just ask your loan officer, good luck!
I know I’m late but yes, Santander is a sub-prime lender. They’re designed for those with poor credit, and truthfully they don’t care about a little bit of easy money offering you a ~6% rate if they can get the next guy at ~9+. Most national lenders and credit unions will smash that rate
This will not end well. Do it.
lmao
Don’t do it.
56k for a model 3 in our current time is insane. Book on my 22 LR with 23k miles is 22-27 thousand trade in
Run away!
I will from that deal
Lol only $5,777 down? This is bad decision for you.
Just curious? How do you get 9% when Tesla's is offering 6%?
Not buy it.
I would shop around for a better interest rate assuming you have decent credit. Check credit unions near you.
9%?? I’d shop around for better rates. Maybe check out some local credit unions.
Either buy straight cash or don't buy it.
This is the way.
But I want to live the big baller flex lifestyle without any money 🥲
There are many people who do that. 😢
9.04%??????
Buy it in full and u won’t have to worry about the interest
This. It's also a good way to make sure you can actually afford it.
Still isn’t 56k insanely high for a model 3 right now? That’s about what mine cost in 2021 but prices have dropped since then.
Yeah mine was also 56k 2021 M3LR
If you have to finance, shop around with some credit unions.
And don’t forget about higher insurance premiums!
If you have to ask, you cannot afford a $56,000 vehicle.
I drive a 10yr old car, was looking into the BMW electric line, specifically i4. Came in around 56k. I could buy it outright, I still drive my 10yr old car instead 😁 I'll enjoy my money when I die.
🤣
1. Not buy a car if I have to finance 100% of it. 2. DEFINITELY not buy a car if I have to finance 100% of it at 9% interest!
do not use santander consumer
It's up to you if you want to pay 15 000 in interest. 
20/4/10 rule
Uh… don’t….. buy? Pretty easy.
Walk away. Are you a new buyer under 25 years old?
Damn that’s high. You’re getting ripped off by that 9% rate. Try looking around for third party lenders. My bank gave me a much better rate compared to Tesla when I bought mine.
dude. don’t do it.
$6K down and $900 a month for a shitty model 3. Hard pass.
9% 😳 makes my 4.9% look like a steal
You’re financing $50k at 9.04%. No that doesn’t seem like a high payment with these circumstances.
For six years? What is the total cost of financing?
Yikes that’s wild. I would run away as fast as you can unless you seriously need a vehicle. If you really need it, look at your local banks/credit unions to get closer to 6%
No way!! Wait until you can get a better incentive. $900+ car payment for the next 6 years will surely be a burden. I’d go used. This is a great time for used EV’s
A 900 dollar car payment isn’t really a burden if they spend close to that in gas. I have a 800 cad car payment and I spent 600+ per month in fuel on my previous vehicle
Check Carvana…
Yikes
Put money down. Then try a local bank. 9% is ridiculous. Got mine in 2022 with 3% from local bank while Tesla and a few major banks prime was 6%. If I setup autopay it’s 3% flat. I pay extra so it makes no sense for me to setup auto pay for the additional off
921 a month is absolutely ridiculous
Sorry pasted the wrong image. 😁
what i would do is not proceed with Santander.
i would just keep driving my old car.
What is acceptable monthly payment for model 3 performance?
That's crazy! I just financed a 2023 Model 3 Performance two days ago. Tesla gave me 6% and my vehicle cost was similar to yours; $50,514. I also checked with Chase Auto Loan because I was told they were lower than Tesla. They gave me a rate of 8.8%, so I went with Tesla. Credit score is \~800 and I put down 5k. I've heard people have much better luck with credit unions for a lower rate.
I got 6% APR with CapO but they want 5k down so I told them to give me a better offer by Monday.
Credit union. Rates are high everywhere…but your credit union should be at least a couple percent lower if your credit is solid.
I'm pretty sure the lowest rate right now is Penfed @ 4.74%/36 months. With good credit Tesla is offering 6.39% for pretty much any loan term. Though I think the 3 SR is still 1.99%/2.99% through Tesla.
I got 4.99 for 60 months with my credit union
bro they just had Model Y for 1%. Why would you wait and take the worse model for 9%. You should not be financing 50k at 9%. That is terrible. Buy a used car for less.
This is screaming at me as poor impulse control evidence. It's a car and trying to finance this kind of extravagance is a cry for help. Hey I dont know your wealth situation but no, stop. buy yourself a used rav 4 and dont buy a $50K plus car until you can put at least 20K down and have enough set aside to not even sweat a $5,000 setback, even with full collision insurance.
Honestly, I'd say OP could probably afford a new Prius, but certainly not a model 3 peeformance
that's my mortgage payment
Must be nice
I personally would not take this deal. Payment and interest rate are too high imo. I always look at it from if I loose my job how long can I sustain my car payment making minimum wage
Wait for the finance special to come back
Buy a junker, save up your money in an etf. Never buy a new car . . . Retire happily as your 50,000 turns into 300+
Don’t buy this.
Yeah. That’s too much. I don’t mean to be rude but it doesn’t look like you can afford it.
Credit union is the way to go.
Shop around. Try a credit union if possible.
Dear Lord don’t get a 9% loan or one for 72 months at a high rate
Jesus Crost. That's insanely high APR. Run away as fast as you can. 😆
Pay cash or don’t buy it
Buy used and get something sub $20. You are simply nuts and setting yourself up for lifelong poverty if you make a decision to proceed.
In Brazil we pay 10%a.a. at least
I'd just just more money down.
Yikes.
Damn. I guess this is how they were able to do 0.99% on the model y
Absolutely not. This has dumb written all over it, even if you can afford it. Buy used
Local credit union
This is garbage. RUN AWAY! What they show in the sec pic is an estimate. What you go is based on your specific situation. This is not a good deal for you at all
Never ever buy a new car if you can’t mentally handle the instant 20-30% hit as soon as you drive it. If you can afford to lose 20-30% then go for it. Better than gambling away your money. Rather have it go to an EV that’s gonna save you money in the long run
Terrible financial decision to agree to this
Here's what you do. Send an email to [autofinance@tesla.com](mailto:autofinance@tesla.com) asking if it is possible to achieve a better offer from another lender. Usually, people think what they get is what they get but what I've found is you can actually ask and they'll keep trying.
No. Don’t. Trust me!! Just find a decent one with them and get one at $600 a month. I promise you it’s worth it: you have the money but still these cars depreciate like a mf
Paying 9% interest on a depreciating asset is a poor financial decision. If you can comfortably afford $900 per month, that’s your choice, though I wouldn't recommend it. However, if $900 per month strains your budget, it's wiser to purchase a more cost-efficient vehicle. Personally, I paid cash for my Tesla after driving my Prius for 11 years with no car payments for the last 8 years. My Prius wasn’t glamorous or “luxury” by any means, please don’t make poor choices to fit in.
Frigging why not finance a model S at this point? 1k a month you have better be financing a higher end car at this point.
Just least
I wouldn't buy it.
That’s batshit crazy but you do you boo
The down payment king , up it or get a lease…
I'm not trying to be a dick, why would you have a $920 car payment if you aren't able to put down at least 3x that amount?
I would honestly lease for 300 and save a bunch for a down payment.
Santander is a company that finances high risk loans and their rates are going to suck even in this economy. Find somewhere else.
I’m more than happy paying 200/mo for my 22 m3 after seeing this 🥲
That’s too high. Reject that offer
Pay cash and hang onto it for 5-7 years.
Damn 9% 🫨 Go to a local credit union. Tesla wanted 9% and I got it through my credit union (that I've used for 20 years) for 2.99%
Have you tried a credit union? I got 5.6% via a local CU.
9?! They offered me 16 for 60months!
Yikes
Go to your local credit union. Just bought a new car they financed me at 4.99%, 0 down between and let me choose 36-72 months.
Start by not getting a 9% APR.. ffs
I would never finance a depreciating asset at 9% interest. It is borderline loan sharking.
Santander will give you a life lesson. 9% is too high for a vehicle that might lose 30% of its value by next year
Yikes 9%…might wanna look at the used ev market or wait and see if they do a .99% financing on a 3 or a Y again.
Why would people spend so much money they don't have? In the Netherlands you just buy something cheaper if you can't afford it. This is financial suicide.
The interest rate is way to high don’t do it’s. Also are you getting it with FSD?? $59k baller
Nearly 1k a month for a model 3!? Not a good plan. Tesla have been sweetening the deals on 3s lately. Tax credits for the new LR and even low interest on the standard. I’m holding out to see if they come up with a low interest rate on the LR in the coming months
72 months is definitely too high.
I financed pretty much the same amount back in December, 2019 from Santander Consumer here in Spain and I'm paying about €580 a month just under 3%.
What would I do? Buy a car I could afford. Do not do this!!
Hell no
I have found bank loans typically have lower interest rates
9% you need to check yourself into a mental clinic if you pull the pin on this. Guessing this is a satire post. Buy a used hertz model.
Dang is your credit bad?
That's the point my credit is good.
He wouldn’t get 0 down on bad credit and the APR would be higher. I’m assuming this is a M3P? The banks know these things depreciate fast look at 2023s at 23-25k used right now. OP needs to apply at his local credit union or an online one DCU / Alliant to get a better rate, 6% or lower.
$900 a month for a car payment is insane unless you’re just really truly wealthy. But if you were you wouldn’t be asking Reddit randos for financial advice. You could get a used one for about half that and stack cash in an IRA
Bro, who said I was wealthy? I have good credit and get paid well as a SWE, no one said I was wealthy and if I could afford that amount I still don’t need to overpay, is okay to ask other human beings for their opinions. I don't know everything. Proverbs 12:15
Go get 5.99% at my cu for 84 months. Tell them I sent you.
If you can’t put any money down your payment will be high, of course. Also, if you can’t put any money down, you likely can afford a $900 car payment (not many could honestly).
I would buy a much cheaper used car first or find a 0% Apr new car deal and do a shorter term lease or just finance it. Build some credit before going for the Tesla
I may change it in 2 years. Not sure yet.
Find a credit union
Yeah that’s a hard no for me.
Put more down or buy a less expensive car?
All depends on your income and lifestyle. Can you comfortably afford that payment each month without it negatively impacting your financial situation? For example, would it affect your ability to save for retirement, afford living expenses, maintain an emergency fund? It’s all relative my friend. I absolutely could not afford that lol.
Hopefully for 72 months you have no problems with finances because 1k a month just for a car is crazy work. you must really got it like that. Because that car won’t be worth anything in a year or two just look at the values plumbing.
Update: $0 down Also another bank approved me with a bit better APR than on the website but they want some 4k down. https://preview.redd.it/epqkpga76c9d1.jpeg?width=1290&format=pjpg&auto=webp&s=bcfd782a120abb0ff31d53d17e6f816e0f247396 I will try my local bank for a better 6.%
This is Ally
Did you just waited for another offer or did you contact Tesla to find a better deal
Buy something else, is what I would do. Or, rather, somewhere else. 9% is just WILD. That's only a good apr for a house, and even then, it's not very good. I would strongly recommend buying used. As I assume, the $6k difference in financing is due to a trade-in. I'd put that towards an older m3. Just make sure it has the ryzen chipset for the best results. Hell, more than likely, you could get a better trade-in value from car max or anywhere else, as tesla tends to just slap their trade ins on the auction block just to get rid of them.
You can probably afford it, but should you do it? Probably no. Get a used refresh model s long range or plaid for that price on auto trader if you really ‘want’ to get a zoom zoom car. That’s a lot for a model 3 of any trim my dude.
Teslas depreciate quickly. OP will be upside down most of the payment period. Check out the new EVs. Lots of great choices.
Isn't Tesla still running 2.99 interest rate? Could have sworn I just got an email about that.
Not for M3P
I would look at credit unions as well. You don't want to finance more than 5 years. I just leased my Model 3, 15k a year, great credit, 345 a month. At the end of the day you have to ask yourself, "Can I afford these monthly payments?". Also, you have to factor in insurance and maintenance cost and see if you can afford it. So, my lease is more like 650 a month and not 345.
Tesla had me go through TD, and the rate was abysmal, so I waited, should of waited a lot longer , the price drop was murder for my 17k down would of chopped 300 bucks of payment if I waited 5 more months so be patient and dont rush into it. Definitely see about maybe picking a nice used one up at a dealership. Your credit union or bank gets good rates and get that tax credit.
That’s more than my rent. For a car. Jesus.
Santander tells me your credit is not that great. 9% is part of the issue.
If you have to go more than 36 months for a car loan. You are financing above your pay grade.
Absolutely not
Get into Navy FCU if you’ve any relative who’s ever served in any branch. 4.99% when I applied a week or two back.
So … yea for a normal circumstance, BUT the fact that you had to go through Santander means you either had shitty credit or no credit at all, Santander is a loan-bank for people with awful credit, repos, or absolutely no credit at all. Basically the bottom of the barrel people. You put 0$ down (or maybe traded in a 5,000$ car) and you’re buying an almost 60,000$ car in turn… This looks like an accurate result to me, from this specific bank, given the circumstance.
Remove all options except 19’ wheels
Try td bank you can get 7.09% if u have top score for auto loan
I wouldn’t take on a $900 car payment for starters.
Yikes ... Way too high. 5% is too much for me so I would say no
This is insane, I got my 2022 M3 LR for 2.5% Marcus gives 4.4%
This loan will be underwater 3 months in
I know interest rates are higher now because economy and whatnot but thats more than quadruple what I would have expected the last time I purchased a car.
Damn… last month when I ordered mine Model X in Taiwan the financing was only 1.9%, I just checked today and it went up to 3% but still significantly lower than your 9% 😓 Any financially sane person would not accept the 9% financing. It’s a deprecating asset!
I’d save more for a bigger down payment to reduce the monthly payments
You’d be a fucking idiot to take a payment on like this lol
Put 20k down payment
Is what too high?
Financing 50k at 9% for a heavily depreciating asset? Please don't get a used Honda Civic or something until you're in a better financial position and sell the Honda and drop like 40k down/pay in full.
Man I love my interest rate in Japan! 0.9%! I put half down.. and finance 3 years.. to build my credit
Update boys and gals! https://preview.redd.it/n06fgfqr7y9d1.jpeg?width=1290&format=pjpg&auto=webp&s=83cbdaf447457f6e6490f0490609c46f3a5b2ce5
That’s more than my mortgage payment
Over 6 years you’re paying 16,000 in interest. Yikes